Guidance issued on reporting pursuant to the Global Investment Performance Standards


Issued under the authority of the AICPA Auditing Standards Board, Statement of Position 12-1, Reporting Pursuant to the Global Investment Performance Standards, supersedes SOP 06-1 of the same title and paragraphs 11.37–.42 of chapter 11, “Independent Auditor’s Reports and Client Representations,” of the AICPA Audit and Accounting Guide Investment Companies (as of May 1, 2012).

The SOP provides guidance to practitioners for engagements to examine and report on aspects of a firm’s claim of compliance with the GIPS standards. It also provides guidance on engagements to examine and report on any of the firm’s composites and their associated compliant presentations.

The GIPS standards are voluntary guidelines designed to promote full disclosure and greater apples-to-apples comparisons by investment managers reporting their performance to existing and prospective clients.

SOP 12-1 is effective upon issuance.

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.